By Philip Waller
Date: Wednesday 04 Jun 2014
LONDON (ShareCast) - Shares in Clontarf Energy and Petrel Resources shot up on news that talks had begun to try to resolve a legal dispute over an oilfield that they own in Ghana.
Clontarf's stock climbed 0.25p or 50% to 0.75p by 14:06 in London as Clontarf and Petrel said legal action they had launched to prevent a rival drilling part of their Tano 2A exploration licence had been temporarily adjourned for discussions.
Petrel's shares rose 1p or 10.8% to 10.25p.
Clontarf and Petrel obtained an injunction to prevent the Ghanaian government awarding part of Tano 2A, in which they have stakes of 30% and 60% respectively, to a US company.
They said the government had completed the agreement despite the injunction and they pledged to fight the deal in the courts.
Clontarf said in a statement last week: "Despite every effort on our part, neither the Ghanaian National Oil Corp nor the state would engage with Clontarf, so we were forced to obtain a High Court injunction in Accra.
"Despite the injunction, the agreement was ratified and announced in May. Clontarf is actively pursuing court relief in Ghana."
PW
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Currency | UK Pounds |
Share Price | 1.84p |
Change Today | -0.012p |
% Change | -0.62 % |
52 Week High | 3.15 |
52 Week Low | 0.95 |
Volume | 212,366 |
Shares Issued | 183.87m |
Market Cap | £3.38m |
RiskGrade | 380 |
Value |
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Price Trend |
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Income |
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Growth |
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No dividends found |
Time | Volume / Share Price |
14:41 | 55,140 @ 1.71p |
12:42 | 78,613 @ 1.70p |
12:10 | 78,613 @ 1.85p |
Chair | David Horgan |
Finance Director | James Finn |
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